## Austria: Financial Sector Assessment Program Update Technical Note: Factual Update and Analysis of the IAIS Insurance Core Principles

_IMF Staff Country Reports, July 2, 2008_

## Source details

**Canonical URL:** [Austria: Financial Sector Assessment Program Update Technical Note: Factual Update and Analysis of the IAIS Insurance Core Principles](https://www.imf.org/en/publications/cr/issues/2016/12/31/austria-financial-sector-assessment-program-update-technical-note-factual-update-and-22119)

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## Bibliographic details
- Published: July 2, 2008
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451802467.002

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### Summary
- Highlights Austria’s analysis of the International Association of Insurance Supervisors Insurance Core Principles.
- Notes that the Austrian economy generally performed well over the past several years, with growth above the euro-area average, falling unemployment, and low inflation.
- Recommends that the Financial Market Authority (FMA) should investigate the use of market-based soundness indicators.
- Observes that following the recent reorganization of bank supervision responsibilities, the FMA insurance supervisors will need to work even closer with the Oesterreichische Nationalbank (OeNB) in supervising financial groups.

### Key findings and analysis
- Austria’s economy: growth above the euro-area average; falling unemployment; low inflation.
- Supervisory practices: assessment focused on the Insurance Core Principles as defined by the International Association of Insurance Supervisors.
- Soundness indicators: the FMA is advised to investigate market-based soundness indicators to complement existing tools.
- Group supervision: the reorganization of bank supervision responsibilities creates a need for closer collaboration between FMA insurance supervisors and the OeNB for supervising financial groups.

### Policy recommendations
- The Financial Market Authority (FMA) should investigate the use of market-based soundness indicators.
- Enhance coordination and information-sharing between FMA insurance supervisors and the Oesterreichische Nationalbank (OeNB) in supervising financial groups following the reorganization of bank supervision responsibilities.

### Institutional implications
- The reorganization of bank supervision responsibilities places additional coordination burdens on the FMA and OeNB.
- Effective supervision of financial groups will require closer working relationships between insurance supervision teams at the FMA and banking supervision authorities at the OeNB.

*International Monetary Fund. "Austria: Financial Sector Assessment Program Update Technical Note: Factual Update and Analysis of the IAIS Insurance Core Principles", IMF Staff Country Reports 2008, 207 (2008), accessed 9/13/2026, https://doi.org/10.5089/9781451802467.002*

- Pages: 12
- Volume: 2008
- Issue: 207
- Series: Country Report No. 2008/207
- Stock No: 1AUTEA2008007
- DOI: https://doi.org/10.5089/9781451802467.002
- ISBN: 9781451802467
- ISSN: 1934-7685

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/austria-financial-sector-assessment-program-update-technical-note-factual-update-and-22119_